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On September 1, 2020, Mahusay Consultancy Services received an advanced payment from a client amounting to P 200,000 for management consultancy services good for 1 year. The company's year-end is December 31, 2020. The company uses consultancy revenue to record their revenues.
Problem a. Prepare the adjusting entry for December 31, 2020 assuming the entity is using LIABILITY METHOD in recording its advance consulting fees collections.
Problem b. Prepare the adjusting entry for November 31, 2020 assuming the entity is using INCOME METHOD in recording its advance consulting fees collections.
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